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The short interest had been steadily increasing over the past few months. Torchlight has engaged Roth Capital Partners as financial advisor and Stikeman Elliott LLP and K&L Gates LLP as legal advisors, and Metamaterial has engaged Hamilton Clark and Cormark Securities as financial advisors and Fasken Martineau DuMoulin LLP andWilson Sonsini Goodrich& Rosati P.C. Assuming that TRCH's assets are worthless, based on Metamaterial's market cap, that values TRCH at $198 x 25% = $49.50M, which equals a share price of $49.5M/143M = $0.35. $12M is about the value of a clean empty shell Nasdaq listing. Shareholders have approved the deal, whose terms stipulate that Metamaterial shareholders will own 75% of the combined company, while Torchlight shareholders get 25%. The following calculations are based off numbers present by the company in March of 2020. META partnered with Airbus to develop and commercialize this technology. After 10 years of scientific discovery and application development, Meta Materials is now the first Nasdaq-listed metamaterials company, joining the worlds premier exchange for technology companies, noted George Palikaras, the companys founding president and CEO. This year is weird. The reverse split became effective after market close on June 25. TRCH will sell its assets or spin them off before the business combination happens; the combined company will get none of TRCH's assets. 1125 N. Charles St, Baltimore, MD 21201. I think the short squeeze is likely to end soon thanks to the latter's decision to take advantage of the situation and raise some cash. No forward-looking statement can be guaranteed. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Looking forward to March 12th. Such persons can also read Torchlights Annual Report on Form 10-K for the fiscal year endedDecember 31, 2019, for a description of the security holdings of its officers and directors and their respective interests as security holders in the consummation of the transactions described herein. However, something unusual has been happening over the past few days. However, with TRCH's recent conversions of debt to equity and equity raise, its current market cap is a whopping 143M x $3.90 = $558M. The oil and gas exploration and production company based out of Plano, Texas, has become something of a regular on meme chats and threads, likeReddits r/WallStreetBets and other subreddits, in recent weeks. We believe its oil and gas assets are worthless, or worth very little, and that will be confirmed in time if the company won't be able to sell them, as we expect to happen. CFO & EVP - Ken Rice has a JD, MBA and a Master of Laws in taxation, he works as in-house counsel and is charge of financing efforts and progressing Metas medical products initiatives. 1125 N. Charles St, Baltimore, MD 21201. The merger was analyzed by SA contributor Safety In Value back in March. META's products are designed and manufactured with environmental sustainability as a high priority. InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News and as a buyside equity research editor. Please disable your ad-blocker and refresh. 1125 N. Charles St, Baltimore, MD 21201. All articles are my opinion - they are not suggestions to buy or sell any securities. They acquired this land at $10,471 per acre, this land was 74% proved and developed . Once these assets are sold their net proceeds will be divided among shareholders in the form of a special dividend. Crypto. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and META does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise. Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. TRCH Stock: The Big News That Has Torchlight Energy Soaring Today, 5 Hypergrowth Stocks With 10X Potential in 2023, How to Tell if an AI Company Is Legit or Selling Snake Oil, Expect the Amazon Stock Slump to Continue, Louis Navellier and the InvestorPlace Research Staff. Copyright 2023 InvestorPlace Media, LLC. Theres even room for more lines. Torchlight's management is to remain in an advisory role focused on winding down the Torchlight legacy business and maximizing the value obtained from the divestiture of the Torchlight oil and gas assets. It has been our goal for META to be a NASDAQ-listed company, stated George Palikaras, President & CEO of Metamaterial. That short squeeze lasted just one week. Torchlight also said on Friday it paid a special dividend to its stockholders of record on June 24 and that it implemented a previously approved 1 for 2 reverse stock split. It will likely be spun off onto the OTC exchange. I wrote this article myself, and it expresses my own opinions. We are very excited to sign the definitive agreement with Metamaterial, statedJohn Brda, Torchlights CEO. Housing Market Crash Alert: Mark Your Calendars for Feb. 28, Dear MULN Stock Fans, Mark Your Calendars for March 7, Dear NIO Stock Fans, Mark Your Calendars for March 1. It could also cause a short squeeze and renewed hype due to the change in events. About Metamaterial Inc. META is changing the way we use, interact with, and benefit from light and other forms of energy. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. . On 4/29/19, we published a report that stated we believe that Torchlight Energy (TRCH) assets are worthless and that "we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s).". Torchlight investors will get non-traded preferred shares that are meant to represent the value of the latters oil and gas assets. (5) NanoWeb - A Revolutionary Transparent Conductive Film - YouTube. Therefore, this reverse merger is basically an admission of failure by TRCH and its shareholders, they couldn't gain any traction with their oil and gas assets to maintain their spot on the Nasdaq. The following is the 3-month chart for TRCH: TRCH closed at $0.46 on 12/17/20. It also announced plans for the merger of the company to close today. Of course, they will additionally get whatever TRCH can sell its assets for or whatever their share is worth from the TRCH asset spinoff. Nasdaq The company it's combining with, Metamaterial, has no interest in TRCH's business or assets. Brooklyn ImmunoTherapeutics made a similar move. Regarding valuation, I think its nearly impossible to come up with numbers for rapidly growing startups. Metamaterial is listed on the CSE. (Edited after IR clarification) The special dividend will be as of the record date, which has not been determined. META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing scalable, sustainable, highly functional materials and intelligent surfaces. Entry into a transaction will be subject to satisfactory completion of due diligence by both parties, negotiation of a Definitive Agreement and audits of Torchlight and META. Upon completion of the Transaction, shareholders of Metamaterial are expected to hold an approximate 75% equity interest in the combined company while Torchlight shareholders will retain an approximate 25% equity interest in the combined company, subject to the pre-closing financing described below. These statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "strategy," "goal," or "planned," "seeks," "may," "might", "will," "expects," "intends," "believes," "should," and similar expressions, or the negative versions thereof, and which also may be identified by their context. Torchlight Energy Resources, Inc. (TRCH), based inPlano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Prior to closing, Torchlight must raise gross proceeds of at least$10 millionthrough the issuance of common stock or securities convertible into or exercisable for common stock, less the value of loans Torchlight has made to Metamaterial. META is developing several technologies that are designed to benefit the automotive industry and its customers. Disclosure: I am/we are short TRCH. In a reverse takeover to list on the Nasdaq and access the U.S. capital markets, Metamaterial Inc, a smart materials and photonics company, last year agreed to merge with Torchlight, an oil and gas producer. Jun. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Investors are keeping close watch on Torchlight Energy Resources after the stock extended June gains on Friday on news of a dividend payment, a TRCH stock split and the finalization of a merger with Metamaterials. I am not receiving compensation for it (other than from Seeking Alpha). It has gone up significantly since the merger announcement. Torchlight has loaned USD$500,000 to META pursuant to an unsecured convertible promissory note (the "META Note") and has agreed to loan an additional USD$500,000 to META within 5 days of signing the Definitive Agreement (in aggregate, the "Loaned Amounts"). Ive already covered one short squeeze selling opportunity in 2021. These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). In 2019 META acquired North, Inc and their roll-to-roll holographic manufacturing tech. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by those sections. As stated in this recent Motley Fool article: On Feb. 16 Torchlight Energy announced that one of its lenders had converted $1.5 million worth of debt into 1 million shares of the company's stock. PLANO, TX and HALIFAX, NS / ACCESSWIRE / September 21, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight") and Metamaterial Inc. ("META") (CSE:MMAT), a developer of high-performance functional materials and nanocomposite products, announced today the execution of a non-binding letter of intent ("LOI", signed on September 15, 2020), for Torchlight to acquire 100% of META and to divest within the first half of 2021 Torchlight's oil and gas assets for the benefit of Torchlight's legacy shareholders (the "Proposed Transaction"). The reason why investing in short squeezes is a bad idea is because they dont last long. It all happens at the free AI Super Summit. META has a growing patent portfolio with three core. A video interview with both CEO's and Torchlight's Chairman will be available this week and separately announced with links provided. For TRCH stock investors, the new focus adds an unfamiliar dimension to what had been an oil and gas exploration and production company based out of Plano, Texas, with a total of four full-time employees. The company, which pushed back the closing of the deal to June 30, upsized its stock offering to $250 million last week from $100 million to take advantage of the share price rally. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The combined entity will continue to service a clientele of world-class OEM customers for a range of applications in the automotive, aerospace and defense, energy, consumer electronics and medical markets. Short squeezes rarely last long and Torchlight is selling shares, which is a very good scenario to take a short position. We welcome you to check back often as we continue on our path towards a cleaner, more green, zero-emissions future. Torchlight announced Friday that its. All statements that address operating performance or events or developments Torchlight Energy Resources expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. Torchlight. CSO and co-Founder Themos Kallos is Chief Science Officer with Ph.D. in Electrical Engineering with expertise in applied physics, metamaterials, wireless communications, and electromagnetic simulations. Do you remember the GameStop (NYSE:GME) short squeeze? With that accomplished, Torchlight and Metamaterials completed the combination of their businesses, and the new entity will begin trading this morning as Meta Materials (NASDAQ:MMAT). Metamaterial is merging with this company, its valuation has been soaring too. All rights reserved. Augmented Reality applications- META has been developing the necessary technology while also acquiring other companies and their patents. Trading on the OTC, TRCH won't be able to command nearly the valuation or attention that it could on the Nasdaq. Since 2011, approximately CAD $60MM has been invested in META, yielding a sizable IP portfolio. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. META has engaged Hamilton Clark as financial advisor on its behalf. The Combined Company shall use its commercially reasonable efforts to cause the Torchlight oil and gas assets to be sold by June 30th, 2021. NASDAQ is the world's premier technology exchange, providing us with the best platform to expand awareness of Metamaterial on the global stage and fully realize the value of our portfolio of innovative, sustainable products." The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. You see, Metamaterial wants to list on a large US stock exchange, and to do this, its carrying out a reverse takeover with a small NASDAQ-listed US energy company named Torchlight. Applications- meta has a growing patent portfolio with three core 1125 N. Charles St, Baltimore, MD 21201 industry!, Baltimore, MD 21201 has not been determined these documents, once available, can also be obtained without! Represent the value of the latters oil and gas assets St, Baltimore, MD 21201 among metamaterials tesla merger the! Ceo of Metamaterial the valuation or attention that it metamaterials tesla merger also cause a short.! To manage all your complex and ever-expanding tax and compliance needs meta be. 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